User [gary fullett /152.202.78.116] joined forum at Wed Mar 29 21:03:02 EST 2000 hi gary Hey Gary hello gary good evening hi gary I want to mention please watch the gold chart in this area the 275-278 area is weekly support I sent this chart yesterday User [davep /24.147.119.114] joined forum at Wed Mar 29 21:04:14 EST 2000 I nibbled at these levels today for some clients gold looked interesting on intra day chart very lightly with smaller contracts for the most part gary where is smaller contract traded? chicago board of trade good i trust chicago over ny User [Peggy /206.173.174.35] joined forum at Wed Mar 29 21:05:20 EST 2000 evening, everyone Hey Peggy evening Peg hi peggy hi peggy Gary, I got the charts 1 1/2 hours after class. Can Kelly post them first on the site? hey dave hi lmarsh hello everyone hi peggy hi, all I think she does doesnt she if not I will ask her thanks hi dave she's due for a raise I am going to have a beginner class went over class log from last night. It was very helpful. she got a raise she works on the 2nd floor :) for us, right? from the first flooe well I can lots of emails about wyckoff class speaking just for myself :-) and so these are new traders and i suppose you pay hercummute ? oof, your getting cheaper than Jack welch! ditto, dave commute Yes I sdo sal with coffeee what a guy !!! really, a beginner class? User [amos /62.0.147.227] joined forum at Wed Mar 29 21:08:35 EST 2000 so I want to make sure all principles of wyckoff are imbeded in your minds peggy --don't think he saw it :) hi amos So what I will do is have this class at 7pmcst for an hour and this will lead into hi amos our nightly class I think I will do this evening, Amos hi amos hi 2 times a week gary there are only 24 hours in a day, are you superman? yes a beginners class we expect a lot from you, Gary; we're sorry you don't have a life!! tell me, why won't you be wiped out? well my day starts at 6 am and finishes at 1030 om so it is only 18 1/2 hours what time zone, Gary?? I have been working like this for 20 yrs User [mike /152.169.135.123] joined forum at Wed Mar 29 21:10:39 EST 2000 User [fibo /204.119.225.123] joined forum at Wed Mar 29 21:10:39 EST 2000 so I neer get wiped out how's your cholesterol hi fibo and mike I do take a break for 2 hours in the afternoon to walk with the dog hi central times zone I wanted to send a chart today and I didnt well i admire you , but I cant function with those hours , not married anyway but I wanted you to look at the british pound today well it is easier as Kelly and I work together hello everyone so she really knows "im working " lol hi fibo Hi fibo Hey fibo hi fibo tonight will be another fine class I will explain later but first I am mad at myself there was an easy trade today I saw it and didnt react it was in the british pound sometimes the market gives u free money in my mind if you look at the chart ( I didnt send it but follow my words and review the chart if you canpull it up if you draw on the daily chart a trendline june? abeit a negative trendline yes If you connect the 2 previous lows June, gary? it came in at the 15620 AREA YES jUNE sorry about the caps I did see this and did well at that point look at the markets reaction? stright up to 15900 area this was a great reaction from a trendline what is important to note is besides this the market did rally when a market has a strong rally or break for that matter usually the market will retraced any where from 1 -3 days if very strong or very weak 3-5 days if the market isnt as strong or weak so what happened? in this case the market rallied so we are looking for a 1 -3 day pullback since the market reacted so well off of the 15620 trendline Gary, but on the 22nd was the biggest volume day and since then and today was the third day the price went up and the volume slacked off and went to support at 15830 the actual low was 15818 do u see the volume at the low on that day the day of 15620 low ? it ws heavy volume look at the close near the high so the trendline support in which you would have seen support actually wa s great support and flew I am sorry I didnt send this chart today I meant to but that is why I say Watch reactions from support and resisatnce 14618 volume on 3/22 please look at this chart right, it bounced good of old July support yes it was an easy trade today in my opinion I was watching it go up shame on me should I send this chart tomorrow or can you all see it now? i got it do you have any questions on what I was describing I got it does anyone trade currencies here? i don't no not yet have yen have traded C$ have traded SF okay what I want to say User [gary /152.202.78.116] joined forum at Wed Mar 29 21:25:59 EST 2000 I lost myself I am here do you know what I mean by the overnights high and lows can u see ,me? User [gary] left forum at Wed Mar 29 21:27:01 EST 2000 after hours trading range of overnight trading yes y y no no I don't see you .lol User [gary F /152.202.78.116] joined forum at Wed Mar 29 21:27:27 EST 2000 can u see me wb gary y yes there u are no k do you understand what I mean by the overnight hghs and lows? y curreincies trade 24 hours a day range of overnight trading? y extreme's of after hours trading? so when u wake up in the morning check out the overnight s price action europe and asia the pit sessio at the merc will generally react to this do u have an idea why this is? arbitrage? It is because onf the CM the Cm never sleeps so if he buys support at 10 om pm he will buy support at 10 am cm so the CM will buy at 10 pm and 10 am lots of m's m and ms :) so watch the over nights high and lows the Cm never sleeps last nights high in the pound was 15956 Gary never sleeps todays high was 15980 therefore Gary is a CM :)] I want to be a cm so I never sleep :)lol therefore, gary is a CM sam I am :) sal :-) I will put this chat on the archive for tomorrow Money never sleps either should we I want to discuss another chart briefly the NASDAQ about 2 weeks ago amos mentioedn that the nasadq may have had a buying climax and that the market then broker nd was waiting for a retest well the market retested the 5 k level and fell sharply this is a market to watch carefully Please watch the reactions of of support and resistance especially horizontal ones User [sherri /209.100.190.172] joined forum at Wed Mar 29 21:34:30 EST 2000 that give clear support and clear resisatnce like a floor of support hi,hi , hi and a ceiling of resistance are there any questions? I dont want to start a new topic tonight I just wanted to mention those 2 markets hi sherri what I thought that we should do is go over hi sherri some terminolgy tofay hi we have mentioned prelimary support prelimary supply ect and these are pretty terms but what is there meaning and how more importantly can we profit from it as u know amos and I differ on our time frames of trading wyckoff but we both agree ( along with fibo) that wyckoff is the way to look at markets there are definitions on the web site but how do the terms that wyckoff used make us money : ) I would like to defer to amos and let him describe some of these terms to you This may be a review to some but iyt will put us all on the same level so when we discuss wyckoff we can fly with terminoglolgy sso amos if you please... two general comments before I start: 1. Difference of time frames is a very complicated issue. General Aoms Amos You will see Wyckoff behavior on different time frames--but their overall meaning to the future direction of the market will be very different. A selling climax on the 60 minutes will lead to an automatic rally. ONLY on the 60 minutes. Etc. So if you mix time frames--you can commit suicide. 2. You shoul all go to INO.Com and read some of the comments of a guy by the name eddie. Not with capital E , but small e. For example today he put a post about his day trade the address is:http://forum.ino.com/?read=140125 he is a day trader. But since we deal a lot with beans--I noticed that this guy has lived,breathed drank beans--and he is in sync with that market.It is interesting the way he reads the market. It is not Wyckoff--but some of his terminology relates. Just thought I will share good information. You will notice that I am not jealoous of ggod traders--if I see one that I respect--I do not mind thanks, will look @ it at all to listen. This is hard war and every warrior I can use on my side--I will. Now, Gary asked me to "recap" some theory of basic Wyckoff. If I bore some of you-- have a cup of coffee. :) I will probably say some new things--nevermind. If you have a question--please feel free to interrupt. The basic tenet of WYckoff appraoch to markets is that its raison detre is to transfer risk. There is risk in business and capitalistic societies found that the best way for industry and economy to brb User [sal] left forum at Wed Mar 29 21:47:25 EST 2000 amos? he must have been knocked off must have got bumped User [mike] left forum at Wed Mar 29 21:49:06 EST 2000 do you understand what he means by the transferednce of risk? User [amos /62.0.147.227] joined forum at Wed Mar 29 21:49:16 EST 2000 took me 25 minutes to get on-line tonite hope things are calm in the holy land took me awhile too sherri internet is very slow night me too I get emails from people who never can get in the CM doesn't want us to chat :-) someone is offended by risk transfer? I had to reboot the puter. risk is a bad word :) k continue sir I hate flying solo :) Ok, I shall try to continue (You lordship CM permitting) lol gore needs to "build" another internet :-) :) LOL If you accept the basic assumption that there is a reason for capital markets--then Wyckoff begins to make sense. All the talks about public doing this, commericials doing that, COT reports, what someone did or did not do on the floor, Merrill Lynch is buying 2000 here etc--is true--but superflous. Now. The next assumption is that the direction of transfer of risk is unidirectional. stop right there Very rarely do ordinary people have risk to transfer. It has to come from the producers of users of large quantities of things. unidirectional Also, the large operators of industry, by the nature of their operations will have MORE knowledge than the average participant. All the talk about the internet changing the rules of the game by making information more availaible to the average trader--is hogwash. assumption is sherri but not the fact. It may mean that the means of manipulation will have to become a little more sophisticated--but human nautre did not change in the last 5,000 years, and is not likely to change in the next decade(the decade we here want to become (or marry) millionaires.) But that is another discussion. If you accept that knowledge is not distributed equally among humans --then you have to ask yourself the following question: If I am to detect the footsteps of the forces that transfer risk, and they have to do it in a certain way that assures, more or less, their financial operations--what tools do I have to do that? Well, WYckoff said that if you observe charts intelligently, looking for specific behavior--you may be able, at times to detect the footsteps of the COmposiite Man. This is the term he coined for those more knowledeable forces that transfer their risk to us the speculators. The word speculator is not a bad wrod. It comes from Latin:speculae--"to see". Hence the word spectacles--eyeglasses. But it has earned a bad connotation. The other word: "manipulation" is also not a bad word. In order to transfer risk to us--the CM mUST manipulate us to do it. however, it is very important to all to understand--that as we come to trade with or against those more knowledgabl;e forces--we must understand that our whole and only role in the marketplace is: To take Risk !!!! We are supposed to lose. If we do not lose--then the CM loses. When the cm loses--industry fails. IBM collapses Wheat goes to $18 a bushel one day and 2 dollars the next. Havoc rules. The figures that come from the exhcanges that 90% or more of traders lose--is not an invention. It is the requirement of the market place. This is a sad statment--but unless you understand that your role in the market is to TAKE risk, i.e. to lose money--you will never make money. Any question so far? n not yet, please continue ok. interesting viewpoint, Amos I was wrong sherri, amos meant the transfer of risk is in one direction from CM to everybody else. So if you accept some of this philosophy then we can start asking some intelligent questions. thx steve 1. If the process of risk transfer is to be continuous--it must be based on some well established methodologies. Indeed. First you must understand some mob psychology. Then you must study the process (processes) of manipulation. We can go on.